Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1887-12-10
President CIeyeland's Recon-.
mendation to Congress.
his TALK ON THE TARIFF.
THE ,sURPLuS IN THE TREASURY
THE ONE SUBJECT.
He Holds Congress Responsible for tho
Large surplus. and Says That ny Next
Juno Thsfe VIII BE One Hundred and
xr.... n-.,. x,,,- IN


June Theie WIN be One Hundred and
Forty Million Dollars Ia iss Treasury.
To the Congress of tho United States;
You arc confronted at the threshold Of
your legislative duties, with a condition Of
the National finances which imperatvely
demands immediate and careful considera-
ton. The amount Of money annually OK
acted through the operation OF present law,
from the industries and necessities of the
people largely exceeds the sums necessary
10 meet the expenses OF the government.
When we consider that the theory Of our
Institutions guarantees to every citizen the
full enjoyment of the fruits of his industry
AID enterprise. with only such deduction as
may be his share towards the careful and
economical maintenance Of the government
which protects him, it is plain that the ex
action of more than this is indispensable ex-
tortion and a culpable betrayal of Amer-
can fairness and justice This wrong in.
hcted upon those who bear the burden of
National taxation, like other wrongs, mul.
tiplles brood of evil consequences.
The public treasury which should only
EXIT as conduit, conveying the peoples
tribute to its legitimate objects of expendi-
ture, becomes boarding place for money
needlessly withdrawn i.om trade and the
peoples use, thus Gripping our National
energies, suspending our country's develop
ment, preventing investment in productive
enterprise, threatening financial disturb
ance, and inviting schemes of public
piunder This condition Of our treasury is
not altogether new; and it has more than
once of late been submitted to the peoples
representatives in the congress- who alone
can apply a remedy. And yet the situation
still continues with aggravated incidents,
more than ever, presaging financial con-
vulsion and widespread disaster. 1t will
not do to neglect this situation, because its
dangers are not now palpably imminent
and apparent They exist none the les,
certainly, and await the unforeseen and un-
expected occasion when suddenly they will
be preciptated upon us.
On the 31th day of June, 1885, the excess
of revenues over public expenditures after
complying with the annual requirement Of
the sinking fund act, was Sl7, $50 735. 81;
during the year ended June 80, 1886, such
excess amounted to S4s, 4,5, Sis 20; and dur
ing the year ended June 30, 1857, it reached
the sum of s55, SCI, s49.54
The annual contributions to the sinking
fund during the three years above specified
amounting in the aggregate to $l3305S, :
1904 and deducted from the surplus as
stated, were made by Gazing in for that
purpose outstanding three percent bonds
of the government. During tho six months
prior to June 80, 1887, the surplus revenue
had grown so largely repeated accumula-
TONS and it was feared the withdrawal of
| this great sum needed by the people would
so affect the business of the country that
| the sum Of so, S64, 100 Of such surplus was
| applied to the payment Of the principal aud
| interest of the three-per-cent. bonds still
outstanding and which were then payable
at the option of the government. The pre-
carious condition of financial affairs anon
the people still needing relief, immediately
after the Both day Of June, 1887, the re-
mainder of the three-per-cent. bonds then
outstanding, amounting with principal and
| interest to the sum of SiS, S77, 300 were
called in and applied to the sinking fund
contributions or the current fiscal year.
Notwithstanding these operations Of the
| treasury department representatives Of dis:
| tress in business circles not only continued.
but increased, and absolute peril seemed at
hand In these circumstances the contribu-
ton to the sinking fund for the current fis-
cal year was at once completed by the ex-
penditure of S27, 1884, 2S3, IS In the purchase
of government bonds, not yet due,
bearing and l-2 per cent. interest,
the premium paid thereon averaging about
"a per cent for the former, and
8 per cent. for the latter In addition
to this the interest accruing during the cur,
rent year upon the outstanding bonded in
debtedness of the government was to some
extent anticipated, and banks selected a,
repositories of public money were per.
mitted to somewhat increase their de-
posts.
While the expedient thus employed to re
lease to the people the money lying idle il
the treasury, served to avert immediate
danger, our surplus revenues have con
tinued to accumulate, the excess for the
present year amounting on the ist day OF
December to S55, 25S, FOL. 10, and estimated
to reach the sum of STA, 900, 600 on the 3O5l
of june next, at which date it is expected
| Lnab Jnls sum, auuel TO prior accumua
tions, will swell the surplus in the treasur,
to $40, 00O, 900. There seems to be no assur
ance that, with such withdrawal from
use of the peoples circulating medium, on
business com nunity may not, in the nea
future, be subjected to the same distress
which was quite lately produced from the
same cause, and while the functions Of ou
National treasury should DO few and simple
and while its best condition would b
reached, bsiieve, by its entire disconnec
ton with private business interests, yet
when, by perversion Of its purposes, |
idly holds money uselessly subtracted from
the channels of trade, there seems TO b
reason for the claim that some legitimat
means should be devised by the governmen
to restore in an emergency, without vast
or Extravaganza, such money to its plac
among the people.
If such an emergency arises there now OF
lists no clear and undoubted executiv
power Of relief Heretofore the redemy
ton of three percent bonds which wer
payable at the option OF the government
has afforded means for the disbursement
of tho excess OF our revenues; but thes
bonds have all been retired, and there al
no bonds outstanding the payment of whic
we have the right to insist upon The cor
tribution to the sinking fund, which fu
| nishad tho occasion for expenditure in II